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Video instructions and help with filling out and completing What percentage of taxes should be withheld from social security checks

Instructions and Help about What percentage of taxes should be withheld from social security checks

All right my friends Q&A got a question from Dave on my email hey Josh bought your book tax bomb and have a quick question on your example on page 40 with Dan and Sarah he says if their social security is 70 K their provisional income it's 35 K which is taxable according to the table on page 18 it won't be much 50% of 3 K but it's not tax free and he says there's something I'm missing from your analysis I get this question a lot a lot about how Social Security's taxed and I want to dive into that real quickly because it's actually quite simple once it figured out now let's use email use green so let's dive right into this here my friend so welcome to heritage wealth planning YouTube channel the place you come to learn all about Social Security taxation once you figure this out it's actually simple but trust me when I got this I'm a nice guy I'm telling you it's it's hard to remember how this works once you understand II get it but you still find yourself going back and forth then you realize oh yeah I forgot so let's let's draw it out so in this case we got who do I got my book we've got Dan and Sarah and they had their only Inc of a 70k from Social Security alright so we can say it doesn't really matter in this case who gets what it's just seventy can I probably should draw a little bit poorer a little bit cleaner it doesn't matter who gets what is 70 K can be ten for Dana 60 for Sarah could be it doesn't matter 70 okay Social Security alright so remember when they do provisional income we take all of our income and add it to half of Social Security all of the income which includes taxes and interest in this case we're just K they got nothing but Social Security oh by the way do you know let's just say Dan and Sarah we're only spending this become interesting let's say Dan and Sarah were only spending 50k you're in income do you know what the probability of success would show on e monte-carlo zero because they ran out of money well did they run out of money no they didn't they have money left over now it depends if you're reinvesting that 20 care never matter they got enough from Social Security to pay their bills but the Monte Carlo would show you that they don't have a 0% probability of success so before you get too tied to the Monte Carlo remember the probability of success is if you have liquid net worth you can literally have a million dollars a year in annuities paying you income and only spending a hundred thousand dollars a year and your Monte Carlo would say zero now again if you're reinvesting it it won't say.

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